I've seen that happen and usually a simple restart of the system takes care of it. From your piucture it would appear that the Update Launcher is failing to start properly.
If not did you uninstall completely, i.e. via Control Panel and run the MCPR cleanup tool from Useful Links at the top of this page, then reboot, reinstall from the online account? I'm not sure why it happens but you may wish to contact Technical Support if it recurs.
It's free and available also through Useful Links.
I have uninstalled using MCPR and removed all traces of Mcafee with a manual check of the system. Upon reinstalling it appeared to work fine only to then completely fail to launch upon restart. After two more restarts only then did it launch. I have no faith in this "security" product to protect my system and be reliable when booting into Windows.
Honestly did Mcafee test this newest incarnation of the security suite?? I have been paying for this for more than 5 years and never have i seen a worse update. I thought after updating to Windows 8 that the problem would be fixed as i had similar issues under Windows 7 with this release, but actually it seems worse.
So many on these forums complaining about 12.1 that i am suprised Mcafee have not announced a roll back.
From a personal standpoint if these problems are not resolved i will not be re-subscribing to Mcafee when my subscription time is finished next year.
I would contact Technical Support directly. It's free by phone or online chat and they can troubleshoot it directly. At the weekend support staff are spread really thin in these forums.
It's well-tested believe me and I have it working fine on every system from XP SP3 through to Windows 8.